Finland PM: Spanish bailout "right thing to do"

LOFOTEN: Bailing out Spanish banks is the right thing to do as the country has made solid progress in reducing its budget deficit and enacting structural reforms, Finnish Prime Minister Jyrki Katainen, an earlier critic of the Greek bailout, said on Sunday.

Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report some time before June 21.